Iran-Israel hostilities: India to take policy stance once impact of conflict is understood

India that imports a chunk of its petroleum purchase from the Middle East wants to decide on the future course of action after the impact of the Iran-Israel conflict is fully understood. The trade secretary said that the policy decision to mitigate any effect on India’s trade will be taken only after the impact is understood. 

Trade Secretary Sunil Barthwal told reporters on Monday, “Policy interventions will only come after we understand the issues traders are facing. Based on that exercise, whatever is needed definitely the government will address that.”

India, meanwhile, has asked its citizens to not travel to Iran and Israel until further notice in view of the prevailing situation in the region. 

Oil prices slipped on Monday, with the market downplaying the risk of a broader regional conflict after Iran’s attack on Israel over the weekend. 

On Sunday, Iran launched over 300 missiles and drones on Israel over the latter’s suspected attack on an Iranian consulate in Damascus that killed some of its top commanders. Israel has neither confirmed nor denied its involvement in the attack. 

Meanwhile, countries like the US, India, and Russia have asked both the nations to de-escalate the matter and to engage in diplomacy and dialogues. The US has told Israel and it will not take part in any of its retaliatory actions against Iran. 

Kremlin spokesperson Dmitry Peskov said, "We are extremely concerned about the escalation of tensions in the region. We call on all countries in the region to exercise restraint. Further escalation is in no one's interests. Therefore, of course, we advocate that all disagreements be resolved exclusively by political and diplomatic methods.” Russia itself has been at war with Ukraine since 2022. 

(With Reuters inputs)